One Houston developer sees opportunity in the void Macy’s left when its Alameda Mall location shuttered earlier this year.
Read King, which bought the former 23-acre Macy’s property at the southeast Houston mall in fall 2024, is moving ahead with plans to convert the two-story, 290,000-square-foot department store into an indoor marketplace dubbed The Market at Almeda.
The mall, which is situated at the nexus of Interstate 45, Almeda Genoa Road, Kleckly Drive and Kingspoint Road,
The Houston Business Journal reported that the shift comes months after Macy’s shuttered the location as part of a 66-store national pullback. Read King leased the location back to Macy’s after its purchase until March of this year, leaving the 57-year-old mall without a major draw.
Read King senior associate Travis Read told the outlet that the firm is negotiating with a grocer, a fitness center and a beauty school for the reimagined space. The grocer would anchor the project with about 65,000 square feet on the first floor, while the rest of the ground level would be carved into restaurant and retail bays along the building’s east and west faces. Roughly 44,000 square feet upstairs would be leased to smaller tenants, with remaining space used for utilities.
Instead of the full teardown the developer initially contemplated, Read King opted to adapt the hulking structure, citing its fortress-like construction, high visibility from Interstate 45 and the steep cost of ground-up replacement. Plans to reclad the exterior and install new glass storefronts will bring what Read called a “retro vibe” that nods to the mall’s history. Bellaire-based Boucher Design Group is leading the architectural work.
Across Kleckley Drive, the firm plans to add a detention pond and two pad sites for sale or ground lease — likely to restaurant or retail users. Permitting is underway, with a groundbreaking expected in early 2025, though Read declined to disclose development costs.
Almeda Mall itself has been in long-term decline, having lost its Burlington anchor last year and cycling through tenants as national chains retrench. Current occupants include DD’s Discounts, Foot Locker and Bath & Body Works, plus a small food court. It’s separately owned by South Florida-based 4th Dimension Properties.— Eric Weilbacher
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